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According to Cathie Woods' most recent interview, the Ark Invest manager purchased $100,000 worth of Bitcoin back when the first cryptocurrency was trading at only $250 and held all of it until now, enjoying an enormous $7.68 million profit.
Woods' $7 million investment
At the time when Woods invested in the digital asset, the capitalization of the cryptocurrency market was around roughly $6 billion, which may seem insignificant compared to the $1 trillion the crypto market has been seeing for the last few months.
Cathie Wood, founder of Ark Investment, said in an interview with What Bitcoin Did that she once bought $100,000 of Bitcoin when it was $250, and has held all of it until now. The investment made a profit of more than $7.68 million. https://t.co/z6dhFb1e19
— Wu Blockchain (@WuBlockchain) October 24, 2022
The main reason that Cathie Woods made the decision to buy into digital assets is the rules-based monetary policy that Satoshi Nakamoto formed in the whitepaper. She believed that Bitcoin will reach the size of U.S. monetary policy, considering the demand that economies have for an alternative model.
According to the Ark Invest manager, she holds the digital asset to this day despite its losing more than 70% since the all-time high we saw in November.
Accurate prediction
Technically, her prediction has become more relevant as time has gone by, considering the state of global economies that have to battle the consequences of their own financial initiatives that used to support financial stability instead of destroying it.
However, Bitcoin's price performance lost its independence after a wave of institutional adoption in 2021. After financial institutions became a large part of Bitcoin holders' compositions, the first cryptocurrency's correlation with the stock market and risky assets skyrocketed, which is not a positive factor during the crisis.
At press time, BTC is trading at $19,278 and losing around 1.5% from its value in the last 24 hours.
Valeria Blokhina
Tomiwabold Olajide
Gamza Khanzadaev
